I was talking to my financial genius friend, and he was mentioning subprime loans.
I told him, "I'd like one of those!"
I thought that subprime meant "sub-the prime interest lending rate". I wouldn't mind a loan for less than 8.25%.
He corrected me that they were mortgages for people with substandard credit. I had to check out Wikipedia to learn something (http://en.wikipedia.org/wiki/Subprime).
- I'm An Idiot
mudcub- March 28th, 2007
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paladincub21 yes, the subprime lending business is one of the most exploitative business models around. When I worked for the bank we would deal with customers getting ripped off because of a $2000 loan at 30% or something.
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